Plant-Based Food Market is anticipated to grow at a CAGR of 10.3% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Plant-Based Food Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global Plant-Based Food market is estimated to be over US$ 12.9 Billion in 2019. It is anticipated to grow at a CAGR of 10.3% from 2019 to 2030.
This significant market growth can be attributed to the growing vegan population owing to rising awareness about healthy food. Moreover, factors such as increasing ethical concerns of people related to animal slaughter and rising health consciousness are anticipated to further enhance market growth during the forecast period. Furthermore, extensive R&D by major companies & universities across the globe to introduce plant-based food with maximum safety and precision are expected to significantly contribute to the market expansion.
According to The Good Food Institute and the Plant-Based Foods Association (PBFA), plant-based food sale jumped to 11% last year. Several factors have been crucial in governing the rising preference for plant-based food including the growing demand for organic products across developing countries and rising awareness about a health lifestyle. These foods are deemed to be environmentally safe as they account for lesser carbon credits when compared with their meat-based counterpart. Making people shift from the acquired and traditional taste of dairy products in addition to the changing perception and alternative protein sources such as animal-based protein and synthetic protein create restrains for the global plant-based protein market.
Browse key industry insights spread across 220 pages with market data tables & figures & charts from the report, Plant-Based Food Market by Type (Plant-based Dairy Products, Plant-based Milk Products, Plant-based Meat Products, Plant-based Eggs, and Plant-based Condiments), Application (Food & Beverage Processing Industry and Feed Industry) - Global Analysis & Forecast 2019-2030. in detail along with the table of contents:https://www.marketindustryreports.com/plant-based-food-market/122
North America will turn out to be one of the largest markets with the highest CAGR in the plant-based food market over forecast period. Increasing awareness about the adoption of healthy and natural food create lucrative opportunity for market growth in this region. The US is one of the largest markets for plant-based food and to facilitate the trade, it has set up The Plant Based Foods Association that represents nearly 75 of the nation’s leading plant-based food companies. The business scenario and growing consumer awareness about meat-based alternatives are expected to heighten the total sales. In Western Europe, a majority of the sales were derived from Germany and the UK owing to a higher per capita income and growing awareness about green diets in these regions. Asia Pacific is estimated to be the fastest growing market in the plant-based food market with focus primarily on developing countries such as India and China.
Some prominent players in the global Plant-Based Food Market include Danone, Beyond Meat, Archer Daniels Midland Company, Cargill Incorporated, Fonterra Co-operative Group, SunOpta, Kellogg NA Co., CSC BRANDS, L.P. (Campbell Soup Company), and Kerry Group plc. AMCO Proteins, among others.
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